11/22/2015 MTN negotiating $5.2b fine for security failure to deactivate unregistered subscribers | Tech Channel MEA
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MTN negotiating $5.2b fine for security failure to deactivateunregistered subscribers
Source: Arun Shankar
Publish date: 03 Nov 2015 Print Email
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Trading of MTN shares resumed on 3 November afterfalling sharply on 2 November and being suspended fortrading by Johannesburg Stock Exchange. Theannouncement follows a $5.2 billion fine levelled againstMTN Nigeria by the Nigerian CommunicationsCommission over alleged delay in disconnection ofunregistered SIM cards.
On 26 October 2015, MTN released an official statementadvising shareholders that the Nigerian CommunicationsCommission has imposed a fine equivalent to $5.2billion on MTN Nigeria. According to the statement, thefine relates to the timing of the disconnection of 5.1million MTN Nigeria subscribers who were
Trading of MTN shares resumed on 3 November after falling sharply on 2 November and being suspended fortrading by Johannesburg Stock Exchange. (Source Google Finance UK)
Trading of MTN shares were suspended on 2 November at Johannesburg Exchangewhen price fell more than 6% following announcement of fine for failure to complywith security requirement of deactivating unregistered subscribers.
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11/22/2015 MTN negotiating $5.2b fine for security failure to deactivate unregistered subscribers | Tech Channel MEA
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disconnected in August and September 2015 and is based on a fine of 200,000 Nigerian Nairafor each unregistered subscriber. The statement also said that MTN Nigeria is currently indiscussions with the Commission to resolve the matter in recognition of the circumstances thatprevailed with regard to these subscribers.
Subsequent to the initial announcement, a statement was made on 30 October 2015, advising theshareholders to exercise caution when dealing in MTN securities until further notice. Thecompany said that the Group CEO is engaging with the Nigerian authorities on the regulatoryaspects of the matter. In addition, senior management of the company and its advisors arecurrently engaging with the Johannesburg Stock Exchange on the timing of the Stock ExchangeNews Service announcement.
On 2 November 2015, MTN released another statement which says shareholders shouldspecifically exercise caution when reacting to information on this matter which has not beenreleased by the company. Shareholders are therefore advised to continue to exercise cautionwhen dealing in the company’s securities until a further announcement is made.
The registration of phone subscribers in the Federal Republic of Nigeria commenced on March28, 2011. The registration of existing SIM cards officially ended in January 2012. Other telecomplayers in Nigeria include Airtel, Etisalat and Glo.
According to Tech Central on 2 November, MTN is also facing a probe by Johannessburg StockExchange into possible insider trading related to the timing of its first statement to shareholdersabout the Nigerian Communications Commission imposed fine.
30 day trend in MTN share price, where the first dip occurred before 26 October, when MTN announced theimposition of $5.2 billion fine by Nigerian Communications Commission for failure to disconnect 5.1 millionunregistered subscribers. (Source Johannesburg Stock Exchange)
30 day trend in MTN share price, where the first dip occurred before 26 October, when MTN announced theimposition of $5.2 billion fine by Nigerian Communications Commission for failure to disconnect 5.1 millionunregistered subscribers. (Source MTN)
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Summary of MTN stock information closing 2 November. (Source MTN)
The Nigerian Communications Commission website lists the objectives of SIM registration.Excerpts.
To assist security agencies in resolving crimes and by extension to enhance the security of thestate.
To facilitate the collation of data by the Commission about phone usage in Nigeria.
To enable operators to have a predictable profile about the users in their networks.
To enable the commission to effectively implement other value added services like NumberPortability among others.
A SIM card is the card issued by mobile phone operators which provides the individual user withthe appropriate number recognised by that network. A subscriber inserts the card into his or hermobile phone to access the mobile phone network. Since the launch of GSM services in Nigeriain 2001, SIM cards were offered to subscribers without the requirement to provide properidentification by the users. Sometime in early 2008, security agencies approached The NigerianCommunications Commission to assist in resolving crimes perpetrated through the use of phonesin which criminal elements cannot be identified with the number of the phones that they used.
Consequently, the Commission held a consultative forum involving various telecoms operators,consumer groups, security agencies, telecoms associations, dealers, the Nigerian IdentityManagement Commission, National Population Commission, National Census Commission, themedia and a host of others.
All the participants agreed that it is appropriate and necessary to register phone users in thecountry. Another committee was then set up to further look at the details of the implementationof the registration programme and submit its recommendations to the Nigerian CommunicationsCommission.
Upon reviewing the recommendations of the committee, the Board of the NigerianCommunications Commission approved the registration of all phone subscribers in the FederalRepublic of Nigeria. This commenced on March 28, 2011, when the official flag off of theregistration of all SIM cards was performed by Dr Eugene Juwah, the Executive Vice Chairmanof the Nigerian Communications Commission in Abuja.
The Registration of existing SIM cards officially ended in January 2012. However, networkoperators will continue to register new SIM cards. On completion of the validation,harmonisation and scrubbing of the records of all registered SIM cards, operators will beauthorised to disconnect unregistered SIM cards from the networks.
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MTN products include traditional voice and data offerings, mobile financial services, enterprise services and digitalservices. Business services include MTN Cloud, MTN Online Backup, MTN MPLS VPN, MTN Telepresence andAmazon Web Services Direct Connect. MTN also has Internet service provider licenses in Namibia and Kenya, andValue Added Service license in Ethiopia. The Company has operations in around 22 countries across Africa andthe Middle East.
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